6 Guidelines

Did you know that in order to qualify for a Wells Fargo loan modification there are 6 guidelines that you must pass?  This is a strict underwriting process, and every homeowner who hopes to get a loan workout and a lower mortgage payment must be able to prove to the bank that their specific situation fits right into the program criteria.

Here are the 6 Guidelines for Wells Fargo loan modification:

1. Loan To Value:  How much you owe on your first mortgage (any second lien is not included here) as opposed to the current market value.  If you have a lot of equity (more than 20%) then chances are you will not pass.  This is a case where the more underwater you, the better your shot at a loan workout.
2. Debt to Income Ratio:  Your current mortgage expenses (including your loan payment, monthly property taxes, homeowners insurance, HOA dues if applicable) must in total equal more than 31% of your Gross Household Monthly Income.  If your DTI is lower than that, then you will be denied immediately.
3. Asset Ratio:  How much money do you have in liquid assets? Retirement accounts are exempt from this ratio.  You are allowed to
   

   Budget Requirements Displayed

   have just 3 times your total monthly housing expense in liquid form (checking, savings, CD, money market, stocks) or you will fail this guideline.

4. Current Cash Flow:  How much money do you have left over each month after you pay all of your bills-including the current Wells Fargo mortgage and household expenses?  If you are barely making it or even negative each month, then you are in an acceptable financial hardship situation.
5. Waterfall Method of Modification:  Can you loan be modified using the standard methods (reduce rate to as low as 2%, increase term to 40 years or reduce principal) to achieve the new target payment?  If your income is too low, then you won’t pass this guideline and your loan cannot be modified.
6. Post Mod Cash Flow:  After the modification, does your budget show that you will be able to afford to pay and maintain the new payment each month?  If you are still barely making it, then you will be a risk for re-default and not a good candidate.  You may need to adjust your monthly expenses to pass this guideline-but you need to do it before you submit.

So, do you know if your financial situation fits into all of these strict guidelines for the Wells Fargo loan modification program?  Remember that the information you provide to the bank on your application will be used to determine your qualifications.  Your monthly gross income, net income, monthly expenses and assets must all fit perfectly into the guidelines or you will not be approved.

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You can find out ahead of time exactly what you need to show on your loan mod application-how much income, expenses and assets will be required.  Use the #1 selling resource designed specifically to help homeowners apply correctly.  The Complete Loan Modification Guide and Loan Mod Calculator will compute and display your very own specific budget requirements-use the Calculator to fine tune your figures so that you PASS these important guidelines.  Visit MyLoanModificationCenter.com today.

One of the first requirements for a Wells Fargo loan modification is that you must pass the Debt Ratio criteria, this can be a confusing part of the application for homeowners who don’t understand what the bank is looking for.  What is the debt ratio requirement and how do you figure it out?  Here is some helpful steps to take when you are working on your own budget to submit for loan mod review.

WELLS FARGO LOAN MODIFICATION DEBT RATIO REQUIREMENT

1. 1.  Current Mortgage Expense must EXCEED 31% of household gross monthly income:  This means that the total of your mortgage payment, monthly property taxes, insurance and any HOA dues must be greater than that percent of your total gross income each month.
2. 2.  New Target Mortgage Payment must equal 31% of your total reported gross monthly income:  this is what Wells Fargo and the Fed has determined will be an affordable payment for you, based on your budget as reported on your application paperwork.
3. Debt Ratio Formula:  Total all monthly mortgage expenses (first mortgage payment, monthly property taxes, monthly insurance, monthly HOA) and DIVIDE that total figure by your total Gross monthly household income.  If the result is less than 31%, you are not a good candidate for a Wells Fargo loan modification as your current mortgage payment cannot be modified any lower.

HOW TO PASS THE DEBT RATIO REQUIREMENT

1. Work on your budget ahead of time so that you know if your monthly gross income will be acceptable-you may need to make some adjustments to meet the criteria.  Too much or too little income will cause a denial, you can double check your own debt ratio by running your budget through the Loan Modification
   

   Budget Requirements Displayed

   Calculator-this program will instantly compute and display your own ratio.

2. Using the Calculator, fine tune your figures until you are passing the Debt to Income Ratio, and the new Target Payment shows PASS under the Waterfall Method.
3. The goal is to make any necessary adjustments to your income, expenses and assets before you submit your paperwork for review so that you know your budget fits right into the approval guidelines.

Wells Fargo will review your paperwork for debt ratio, but they will also be looking at 6 other triggers for approval-all based on the income, expenses and assets that you report on your application.  Use the Loan Modification Calculator to help you prepare your paperwork correctly-you will see what your specific requirements are and then be able to make the required adjustments ahead of time.

Get the real answers you need-use the #1 selling resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod Calculator.  Avoid the reason most loan workouts are denied-learn exactly how to

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prepare your budget so that you have the very best chance of approval.  Visit MyLoanModificationCenter.com today.

HELP!

When you apply for a Wells Fargo loan modification, it is critical that you show the bank just the right amount of monthly income in order to qualify for help.  This is tricky and confusing for homeowners unless you know the formula that the bank uses.  There is a specific income requirement for each borrower based on their current terms and what it will take to reach an affordable payment.

If you know a bit about what Wells Fargo needs to see on your loan mod application, then you can be prepared ahead of time and fine tune your budget figures so that you know you fit into the income requirements.  Since the formula used is standard for everyone, why not take advantage of this information to make certain that you complete your financial worksheet right the first time?

WELLS FARGO LOAN MODIFICATION INCOME REQUIREMENT FORMULA

1. Your gross monthly household income must fit into the guidelines-meaning it cannot be too high or too low to qualify.  You can include non borrower income, as long as you can document it.  A spouse, roommate or rental income will be allowed.
2. The goal when arriving at the right amount of gross monthly income is to show the bank that although the current mortgage is unaffordable, once you receive the modification you will be able to afford to pay and maintain the new lower mortgage payment.  Your current cash flow and after mod cash flow are important as well.
3. The income requirement determines what you new modified target payment will be, and how your loan will be modified using the Waterfall Method.
   

   Income Requirements

4. Use a program designed specifically for homeowners to compute and display your own specific income requirement, The Loan Modification Calculator shows you instantly just how much income you need, what your new target payment will be and where you may need to adjust your budget figures-before you submit them for final review.

You can greatly increase your chances of getting approved for a Wells Fargo loan modification-the trick is knowing just what they need to see to qualify you for a lower mortgage.  Don’t guess or take chances, make sure that you prepare your financial worksheet correctly the first time by using the formula on your application paperwork.

Get the real answers you need to qualify, use the #1 selling resource for homeowners that thousands of borrowers have used.  The

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Complete Loan Modification Guide kit and Loan Mod Calculator will instantly compute and display your own specific income, expense and asset requirements.  Avoid mistakes and save time and frustration, visit MyLoanModificationCenter.com today.

Help

Do you know how low your new modified mortgage payment could be?  Make sure you know how to qualify for the lowest Wells Fargo loan modification terms-if you know the guidelines then you will be able to have a good chance at approval and get the very best terms available.  Not all loan mods are beneficial, in fact sometimes the mortgage payment offered may be higher than you are now paying.  In order to get the most benefit from a loan workout, you need to know how to qualify for the very lowest payment available.

A Wells Fargo loan modification is only offered to homeowners who prove the fit the guidelines, and based on the financial information provided on your application, a new modified mortgage payment will be determine by the bank.  If you don’t provide them with the right information, you could find that your new payment is not as low as you need, or worse yet-you could be denied outright.  Here are some tips on how to pass the guidelines, qualify for a modification and get the lowest payment available.

WELLS FARGO LOAN MODIFICATION GUIDELINES – HOW TO GET THE LOWEST PAYMENT

1. Your new modified payment is called the Target Payment, and this is determined using a standard formula that includes your household gross income, your current mortgage payment and current loan balance.  In order to pass this formula, you need to show the bank just the right amount of gross income on your financial statement-too high or too low will cause denial or a target payment that is not beneficial.
2. Wells Fargo uses the Waterfall Method of modification to achieve your new target payment-this includes lowering your interest rate, increasing the loan term or
   

   Exact Requirements

   in some cases, reducing the loan balance.  Make sure that you pass the Waterfall-verify that your gross income is acceptable by running your figures through the Loan Modification Calculator.  This system was designed specifically to help borrowers complete their application-it will automatically calculate and display your specific income requirements, new target payment and new loan terms.

3. In order to qualify for the lowest target payment, your monthly income needs to fit right into the Waterfall and also show a financial hardship.  This is tricky, if you use the Loan Mod Calculator, you can avoid mistakes and make sure that you are providing Wells Fargo with the acceptable financial information.  You may need to make adjustments to your budget so that the Calculator results pass all the guidelines, better to do this ahead of time than submit information that will cause denial.

A Wells Fargo loan modification should give you a low, affordable mortgage payment.  If you don’t know what to ask for, you may settle for a higher payment than you could actually qualify for.  The secret is to know just the right way to prepare your financial worksheet-the monthly income, expenses and assets must all fit right into the guidelines and prove that you qualify for the lowest modified payment available.

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Get the real answers you need-use the #1 selling system for homeowners, The Complete Loan Modification Guide kit and Loan Mod Calculator.  This program was designed to give you the specific information you need to complete your application correctly.  Visit MyLoanModificationCenter.com today and get started right.

One of the trickiest parts of preparing your Wells Fargo loan modification application is making sure that your debt ratio will pass the guidelines for approval. There are actually two calculations that the bank performs, and it is critical that your financial worksheet show the right amount of monthly income, monthly expenses and assets in order to meet the criteria.

Debt Ratio Calculation Explained:

Front End Ratio Requirement:  This figure represents how much of your household gross monthly income goes towards your housing expenses.  This includes the mortgage payment, property taxes, homeowners insurance any applicable HOA dues.  The requirement is that your current debt ratio be greater than 31%-so divide your total housing expense by your total gross income to make sure it is greater than 31%.  Verify your own figures with the Loan Modification Calculator, a system designed specifically to assist borrowers with this process.

Back End Debt Ratio:  This calculation represents the percentage of your household gross monthly income that goes towards all of your expenses-including the

Exact Requirements

mortgage.  So total up everything you spend each month-groceries, utilities, insurance, auto expense, etc and divide that figure by your total gross household income to arrive at the backend debt ratio percentage.  While there is no maximum percentage criteria, the goal is to show that the current mortgage is unaffordable and that you can’t make ends meet each month.  Use the Loan Mod Calculator to compute your debt ratio and show you the acceptable cash flow figures too.

If you know ahead of time that your monthly income and expenses will not pass the Wells Fargo loan workout guidelines, then you will be able to make any necessary adjustments before you submit your RMA for for final review.  The most important part of the entire process is to provide the bank with a perfect application-and unless you know what is required you don’t have much of a chance of getting it right.

Get the real answers you need-use the # selling resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod

Calculator Incl-Download immediately!

Calculator.  This easy to use program will instantly compute and display your debt ratio, income requirements, cash flow, new target payment and loan terms.  Visit MyLoanModificationCenter.com today for more information.

Work on your Budget

Do you know how much monthly income you need to qualify for a Wells Fargo loan modification?  This is a key element in the approval process-most borrowers do not understand how the bank determines eligibility, and so they get this part wrong.  The goal is to prove to the bank in black and white that your specific financial situation fits right into the underwriting guidelines, but this is easier said than done.  What you need is to know just what Wells Fargo needs to see on your application for your monthly income in order to have the best shot at approval.

There is a simpler way to complete your RMA application form, and be confident that your monthly budget figures will pass.  The Loan Modification Calculator is a system designed specifically for homeowners use, and automatically computes and displays each borrowers specific income, expense and asset requirements.  Here is how it works:

1. Complete the Loan Mod Quick APP Worksheet with your specific budget information, breaking down your employment income, any rental income, monthly
   

   Exact Requirements

   expenses like groceries, utilities, car payments and your current mortgage information.  The Worksheet has easy to follow, detailed directions to help you.

2. Now, using the Worksheet input the budget figures into the corresponding fields in the Loan Mod Calculator.  The results will populate automatically and show you pass or fail.
3. Make any necessary adjustments to your income, expenses and assets needed to display PASS for all 7 of the approval triggers on the Loan Mod Calculator.  You may need more monthly income, less expenses, etc in order to achieve this.  The trick is to make these adjustments before you send it in for Wells Fargo to review.
4. Now, use all your fine tuned budget figures on your final RMA application form-your monthly budget worksheet needs to prove that your financial situation fits right into the approval guidelines.

Don’t make the mistake of guessing what Wells Fargo needs to see in order to approve your loan modification-remember that there is a mathematical formula that uses your income, expenses and assets-get that part right and you have a very good chance of getting your loan workout approved.

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Need help with your application?  Get the real answers you need-use the #1 system designed specifically to help homeowners succeed.  The Complete Loan Modification Guide kit and Loan Mod Calculator will instantly compute and display your own specific budget requirements for you.  Visit MyLoanModificationCenter.com today for more information.

When you apply for a Wells Fargo loan modification, you will be required to complete the financial worksheet form-and this is the information that the bank uses to determine if you pass the debt ratio requirements.  You need to understand how this calculation works so that you can be certain to complete your loan mod forms correctly.

DEBT RATIO CALCULATION EXPLANATION

There are actually two calculations Wells Fargo will look at on your loan modification financial worksheet, the first one is the most important one because it determines your initial eligiblity.

1. Your current mortgage expense must exceed 31% of your total household gross income in order to qualify for a loan workout.  The reason for this is because your new modified payment will be targeted to achieve a 31% of your income-the bank deems this to be an affordable amount, if your current payment is already that low, then a loan workout will not help you.
2. The second debt ratio calculation is your overall expenses each month-including your mortgage payment, household expenses, auto, etc.  There is no standard guideline for this percentage but you need to show that you cannot make ends meet each month due to the current mortgage payment being so unaffordable.

DEBT RATIO FORMULA EXPLAINED

Here is the basic calculation to compute your current front end debt ratio-remember this must exceed 31%!

ADD TOGETHER YOUR CURRENT MORTGAGE PAYMENT, MONTHLY AMOUNT FOR PROPERTY TAXES, HOMEOWNERS INSURANCE, AND ANY HOA DUES

DIVIDE THAT TOTAL BY YOUR TOTAL HOUSEHOLD GROSS INCOME

THE RESULT WILL BE YOUR HOUSING DEBT RATIO PERCENTAGE FIGURE

Now do the same calculation but total ALL of your monthly expenses together and divide by your total gross monthly income to get your back end ratio percentage.

If all of this sounds confusing, don’t worry, most homeowners are stumped by this part of the Wells Fargo loan modification process.  You can get help to figure this all out

Exact Requirements

by using the loan modification calculator, a system designed specifically to compute and display your own specific debt ratio figures, income requirements, and new target payment.  When you input your own budget figures into the loan mod calculator, you will see immediately if you are passing or failing and where to adjust your figures so you can complete the Wells Fargo financial worksheet correctly.  It is critical to make certain that the information you provide to the bank will prove that you fit right into the program requirements if you hope to get approved for the help you need and deserve.

Get the real answers you need to figure your debt ratio-use the #1 selling resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod Calculator.  This powerful tool will automatically compute and display your own specific requirements for income, expenses and assets and show you instantly what your debt ratio is and what your new target payment could be.  Visit

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MyLoanModificationCenter.com today for more information.

Exact Requirements

Do you know the rules when it comes to completing the Wells Fargo loan modification RMA form?  If you don’t then  you could find yourself turned down with even understanding the reason.  The bank has very specific things they are looking to see from you on this application, it is up to you to make certain that you prove to them you are the perfect candidate for a mortgage modification.

WELLS FARGO LOAN MODIFICATION-RMA CHECKLIST OF RULES FOR APPLY

1. Your application must include a break down of your household monthly income, expenses and assets.  Anything that you put down on the RMA must be able to be documented.  So you may need to provide bank statements, canceled checks, pay check stubs, Profit and Loss for self employed homeowners.
2. Verify that you are showing the right amount of monthly income-if you show too much or too little you will be instantly denied.  Learn ahead of time just how much you need to show Wells Fargo by running your figures through the loan modification calculator-a system designed specifically to help borrowers complete their financial worksheet.
3. Your monthly expenses will also be analyzed for acceptability-your RMA must show that you are barely making ends meet now and are in a financial hardship, but after the loan mod you will be OK.  This is tricky-the loan mod calculator will instantly compute your expenses and current cash flow, as well as show you what your cash flow will be after the loan mod is approved!
4. The rules for loan modification approval also include your assets-how much money do you have in certain accounts, checking, savings, CD’s, money markets, etc.
   

   Exact Requirements

   Retirement accounts are exempt-but your loan mod calculator results for the Asset Ratio- Pass or Fail.

5. Final Check-fine tune all of your budget figures until you are passing all of the rules-you may need to make some adjustments to your income, expenses or assets.  Do this ahead of time, and then submit your perfectly prepared RMA for review.

Once you know the basics of what Wells Fargo RMA rules are, you will be able to prepare and submit your own so that you know you fit right into the program guidelines.  If you just guess at how to prepare it or quickly slap something together, you will not have a very good shot at approval.  Take your time, know the rules, fine tune your figures-that is the checklist to success.

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Get the real answers you need-use the #1 selling system for homeowners, The Complete Loan Modification Guide kit and Loan Mod Calculator.  This program was designed specifically for homeowner use-and provides the specific budget requirements for your loan mod.  See your income, asset and expenses automatically calculated and displayed.  Visit MyLoanModificationCenter.com today for more information.

WELLS FARGO RMA WORKSHEET TIPS

Don’t rush through this form-take you time-your entire Wells Fargo loan modification may be riding on the information you provide on this paperwork!  Do not disclose your financial information to the bank until you have had the chance to really fine tune your figures-they will try to get you to tell them this information over the phone, but don’t do it until you are really ready.

1. The RMA worksheet is a detailed breakdown of your monthly income, monthly household expenses and your assets.  This is a snap shot for the bank of exactly what is going on with your budget.  You must show them in black and white that you are actually in a financial hardship situation, and that if given a loan modification you will be able to afford to pay and maintain the mortgage.
2. Make sure that the monthly income you write down fits into the program guidelines-you must show just the right amount to pass the approval criteria.  Too much or too little income will mean instant denial.  Run your income through the Loan Modification Calculator-a system designed specifically to help homeowners figure out how to prepare their RMA form correctly.  You may need to make some adjustments before you submit, and it is better to know this ahead of time.
3. Your monthly expenses and your assets must also pass the Wells Fargo loan workout guidelines-verify with the loan mod calculator, then fine tune your figures when you complete the RMA so that you know you fit right into the program.

Exact Requirements

Most homeowners get it all wrong-they complete the Wells Fargo RMA worksheet without every really verifying that what they are showing Wells Fargo will be acceptable.  That is taking a big chance-the approval formula is a very small box that you must fit into.  Your monthly budget information must be exactly right-use the Loan Modification Calculator to help you avoid mistakes.  Why guess at something so important when you can find out ahead of time just where to fine tune your budget?

Get the REAL answers you need-thousands of homeowners have used the best selling system-The Complete Loan Modification Guide kit and

Loan Mod Calculator instantly compute and display your own specific income, expense and asset requirements for you.  Visit MyLoanModificationCenter.com today for more information.

Homeowners who apply for a loan workout will be asked to complete an application that includes the Wells Fargo financial worksheet-this is where you must breakdown your household monthly income, monthly expenses and assets.  Be careful with this form, the bank will use the information that you provide to decide if you qualify for help or not!  Here are some easy to follow directions that may help your loan modification approval.

WELLS FARGO FINANCIAL WORKSHEET-LOAN MODIFICATION DIRECTIONS

Apply Correctly

1. Take your time with the application form-page 2 of the RMA form is the most important part of the entire process.  This is a snapshot of your financial picture and what the bank uses to decide if you fit the program guidelines.  Don’t rush into completing it, and make sure that you understand the exact budget requirements so that you can fine tune your figures ahead of time.
2. Do you know how much monthly income will be required so that you meet the Wells Fargo loan mod guidelines?  If you show too much income or too little income, you will be denied.  Remember that the bank uses a standard mathematical formula on every borrower who applies-you need to verify that your particular monthly income will fit right into the program requirements.  Verify if your income will pass by running it through the loan modification calculator, then make any necessary adjustments before you submit.
3. Once you confirm the required amount of monthly income, you will know if you need to add a room mate or get a second job to qualify.  The loan mod calculator will show you exactly how much income you need-and then you can make sure that you show Wells Fargo the acceptable amount on your RMA form.
4. Your monthly household expenses must also be itemized-this is where you show the bank how much you spend each month on your mortgage and also on your daily living expenses.  Groceries, utilities, car payments, insurance, medical expenses will all need to be listed.  You need to show Wells Fargo that the current mortgage is not affordable because you cannot make ends meet, but you must also show them that after the loan mod you will be able to pay and maintain all of your bills.  The Calculator will compute and display both your pre-mod cash flow and post-mod cash flow, which will help you see if you need to fine tune your family budget.
5. Assets are any type of bank account, stocks, bonds, CD’s-basically any non-retirement account.  Personal property like art, jewelry, furniture do not need to be
   

   Exact Requirements

   shown.  Wells Fargo uses a formula called an Asset Ratio that you must pass to qualify-the loan mod Calculator will instantly display if you pass.

Most borrowers are denied for a Wells Fargo loan modification for one reason-their financial worksheet information did not pass the guidelines for approval.  However, once you understand exactly what you need to show for your income, expenses and assets you will be one step closer to approval.  Sometimes it’s just a matter of adjusting your income or expenses a small amount-but that can make the difference between success and failure. Don’t “guess” at how to prepare your RMA form, make sure you take the time and use the Calculator to get it done right the first time.

Get the REAL answers you need-use the #1 resource for homeowners, The Complete Loan Modification Guide kit includes the Loan

Calculator Incl-Download immediately!

Mod Calculator.  This best selling system instantly computes your specific budget requirements so that you can prepare your financial worksheet correctly.  Avoid mistakes and save time-visit MyLoanModificationCenter.com today and get started now.